(a) A State unit may not issue bond anticipation notes under this Part III of this subtitle in a total principal amount that exceeds the authorized amount of the bonds in anticipation of the sale of which the notes are issued and sold.
(b) A State unit may not issue grant anticipation notes under this Part III of this subtitle in a total amount, including interest, that exceeds the amount of the grant in anticipation of the receipt of which the notes are issued and sold.
Structure Maryland Statutes
Subtitle 2 - Debts of State Units
Part III - Bond and Grant Anticipation Notes
Section 8-213 - Authority to Issue
Section 8-215 - Amount of Notes
Section 8-216 - Written Commitment for Grant
Section 8-217 - Signing of Notes
Section 8-218 - Payment of Principal and Interest
Section 8-219 - Proceeds of Sale of Bond Anticipation Notes
Section 8-220 - Interest Rate Limit on Bonds